Garware Technical Fibres Limited (GARFIBRES) Stock - Complete Technical Analysis - Dec 18, 2024

Garware Technical Fibres (GARFIBRES) Stock Analysis Support, Resistance & Trends Detailed Techni

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Garware Technical Fibres (GARFIBRES) stock continues to show resilience in the market. Trading at 4764.50, it is currently 3.4% off its 52-week high of 4931.95, signaling a strong upward movement over the last year. Looking closely at the chart, recent price fluctuations suggest that the stock could be entering a consolidation phase with key levels to watch. The short-term support zone stands at 4688-4700, which has been tested multiple times recently. If the stock breaks this zone, it could see further downside towards 4616, driven by the 20-period EMA.

On the upside, resistance is expected near the 4817.55 level, followed by the 52-week high of 4931.95. The MACD and RSI suggest a bullish outlook for the stock, with the MACD showing positive momentum and RSI near neutral, leaving space for potential growth. Additionally, the ADX level of 31.23 indicates that the current trend is strong, but volatility could play a role. The Inverted Hammer pattern signals a potential bullish reversal, adding weight to the possibility of further upward movement in the near term.

The stock's solid fundamentals with a strong ROCE and ROE make it an attractive long-term option, but short-term traders should remain cautious of price fluctuations, particularly near the resistance levels. Key takeaways: Monitor support at 4688-4700 and resistance around 4800-4900 levels for potential trading opportunities.